Guideline Value for Majestic Colony Sarojini Street

Majestic Colony Sarojini Street guideline value

The current guideline value of Majestic Colony Sarojini Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Majestic Colony Sarojini Street has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This figure saw a significant decrease in the 2017 revision, dropping to Rs 3,015 per sq.ft, which was a decline of 33%. The value then increased substantially to Rs 4,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 set the value at Rs 4,950 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, placing the 2024 figure for Majestic Colony Sarojini Street above this median.

• Majestic Colony Main Road: Rs 4,950 per sq.ft (2024)
• Majestic Colony 6th Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony 5th Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (4th Street) - Thirupur Kumaran Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (3rd Street) - Jeevanandan Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (2nd Street) - Azhagiri Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Majestic Colony Sarojini Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, the total cost for stamp duty and registration would be Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Majestic Colony Sarojini Street?

The Sub Registrar Office that covers Majestic Colony Sarojini Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

How the guideline value is used when you buy or sell in Valasaravakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are paid. This value helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Majestic Colony Sarojini Street?

The current guideline value of Majestic Colony Sarojini Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 in 2012 to Rs 3,015 in 2017, then to Rs 4,500 in 2023, and finally to Rs 4,950 in 2024. This shows a significant fluctuation in values over the years.

What is the land classification for Majestic Colony Sarojini Street?

Majestic Colony Sarojini Street is classified as Residential Class I Type - I. This classification indicates the type of development permissible in this area.

What are the other streets in Valasaravakkam with similar guideline values?

Several other streets in Valasaravakkam have the same guideline value of Rs 4,950 per sq.ft in 2024, including Majestic Colony Main Road, Majestic Colony 6th Street, and others. This indicates a uniform value across these streets.

Where can I find more information about stamp duty and registration fees?

For detailed information regarding stamp duty and registration fees, you can use the stamp duty and registration fee calculator. This tool will help you estimate the costs based on the guideline value.